Response by Lord Stern to G7 communiqué

Welcoming the communiqué today (13 June 2021) from the G7 Leaders Summit in Carbis Bay, Cornwall, Professor Lord Nicholas Stern, I.G. Patel Professor of Economics and Government and Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science, said:

“I am grateful that the G7 leaders acknowledged the contribution of our report to their discussions. The communiqué outlines the key elements of an investment-led strategy for the G7 and the world and drive a sustainable, inclusive and resilient recovery, and embark on a cleaner path of development and growth. The G7 have rightly recognised that fiscal responsibility must rely on the revival of growth. It is critical that the G7 members now commit the resources required to realise the strategy, particularly through an increase in public financial support for the developing countries, and by standing behind the multilateral development banks as they increase their support. The developing countries will want to see tangible financial support for their economic recoveries, particularly in terms of investments in sustainable infrastructure, such as renewable energy. Indeed, demonstrating such support will be vital to the success of COP26 and the ability of the developing world to follow a new path of growth. It is critical that G7 now offers the means towards the ends that they have willed, and that includes the task of vaccinating the world by the end of 2022. The G7 must also indicate how they will deliver on their own ambitious targets for cutting their annual emissions by half by 2030 compared to 2010 and reaching net zero by 2050.”